Gambling and Lottery Winnings

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However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery

The winnings are subject to a flat tax rate of 30% without any deductions The tax is usually deducted at Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

gulf ticket lottery review The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab  The Michigan Income Tax Act has no provision to subtract your losses on the Michigan individual income tax return You cannot net the winnings and losses for